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Liquidation is a process where the company’s assets are seized and realised, with the resulting proceeds used to pay off its debts and liabilities. The information below, unless otherwise stated, is largely applicable to the liquidation of a limited liability partnership.
Jun 17, 2021 · The winding up of a company, or liquidation, is a process where the company’s assets are seized and realised (converted into cash), with the proceeds from the seized assets being used to pay off the company’s debts, creditors and liabilities.
Companies can be liquidated either by “ Striking Off ” or “ Winding Up “. Winding up and striking off both result in a company ceasing to exist. However, they are very different processes and should not be confused with each other.
Winding up (or liquidation) is the process by which a company’s assets are collected and sold to pay off its debts. Any monies remaining after all debts, expenses and costs have been paid off are distributed amongst the company's shareholders.
With a Singapore company liquidation or winding up, a company will cease to exist. While the result is the same, liquidation and striking off are two different processes. What is a Strike Off? Private companies can apply for a strike off with the Singapore Company Registrar.
Ways to close a company including winding up and striking off.
Liquidation, the process of dissolving a company, marks the end of a business’s journey. It involves the cessation of operations, the selling of assets, and the distribution of proceeds to creditors and shareholders. This procedure is critical in maintaining a healthy business ecosystem in Singapore.
